The "first cycle" is an European-standard designation within the Bologna Process, and in Portugal it will mean a Bachelor's degree.
According to Wikipedia (emphasis mine):
The basic framework is three cycles of higher-education qualifications. The framework adopted by the ministers at their meeting in Bergen in 2005 defines the qualifications in terms of learning outcomes: statements of what students know and can do on completing their degrees. In describing the cycles, the framework uses the European Credit Transfer and Accumulation System (ECTS):
- First cycle: typically 180–240 ECTS credits (a minimum of 60 credits per academic year), usually awarding a bachelor's degree. (...)
- Second cycle: typically 90–120 ECTS credits (a minimum of 60 ECTS per academic year), usually awarding a master's degree
- Third cycle (doctoral degree): There is no concrete ECTS range, since the disciplines vary in length and comprehensiveness.
Here's an interesting page (in Portuguese) from the University of Coimbra, discussing the Bologna change within the Science and Technology Faculty of the University of Coimbra:
It highlights the changes in nomenclature and meaning within the Portuguese educational framework: that "licenciatura" (Bachelor's degree) and masters mean different things before and after the Bologna process, etc.